证券日报网1月7日讯 ，冰轮环境在接受调研者提问时表示，公司出产溴化锂吸收式制冷机，可通过回 收燃气轮机发电侧余热实现"发电+制冷"联供，即在燃气轮机发电后，高温烟气/热水送入溴冷机进 行"非电"制冷，满足AIDC冷却需求，提升能源综合利用率，有良好的节能效果。 （编辑 姚尧） ...

日前，国家管网集团海门站天然气余压发电项目在江苏南通正式投入运营。这是我国首个高压天然气长 输管道余压发电项目，实现了在高压天然气输送过程中对余压资源的高效利用，标志着我国在长输管道 能源综合利用领域取得突破。 据了解，天然气余压发电是一项绿色低碳技术。作为国家管网集团提出的新型能源"质能网"中实现"能 —能转换"的路径之一，其原理是通过回收管道输送天然气到城市门站的余压，把这种压力势能转化成 机械能，再带动膨胀发电机组转动，最终发出清洁电力。这一过程不消耗天然气、不会对环境造成影 响，有效推动能源可持续利用和发展。"过去，这部分能量在调压过程中无法有效利用。如今，新工艺 不仅保障了正常输气，还按照'自发自用、余电上网'模式，年可发电约300万千瓦时，相当于减排二氧 化碳超2000吨。"国家管网集团西气东输公司一级工程师李骁介绍说。 国家管网集团西气东输公司副总经理王世君表示，下一步将在长三角地区典型分输站逐步推广兆瓦级国 产化余压发电装备，持续推进绿色低碳技术集成应用。 据测算，在采用天然气自复温方案的条件下，我国高压天然气长输管道余压发电项目总装机容量可达 4.2万千瓦。 本文刊登于《中国化工报·智能制造 ...

Group 1: Project Development - The company is currently advancing its "200,000 tons/year Anthraquinone Deep Processing Project" and "Supplementing Working Capital" with an expected construction period of 18 months [2] - The project aims to produce 50,000 tons of Anthraquinone and 20,000 tons of Decant Oil, with Decant Oil being used entirely in-house, while the Anthraquinone and Decant Oil will generate revenue through external sales [2] Group 2: Energy Utilization Advantages - The company has established a carbon black tail gas power generation facility, which allows for self-supply of electricity for production and office use, significantly reducing electricity costs [3] - Through technical modifications, the company utilizes tail gas from carbon black production to generate steam for turbines and directly drive production fans, enhancing equipment efficiency [3] Group 3: Circular Economy Strategy - Since its establishment, the company has focused on extending and efficiently utilizing the coal tar deep processing industry chain, aiming for high-quality carbon black products and fine chemical products [3] - The integration of "coal tar processing + carbon black production + tail gas power generation + fine chemical new materials" forms a sustainable circular industry model, promoting high-end differentiation and scale of carbon black products [3]

Core Insights - China has achieved significant breakthroughs in engineering construction and scientific exploration, showcasing its technological prowess and precision in various fields [1][3] Group 1: Neutrino Experiment - The Jiangmen Neutrino Experiment, the world's first large-scale and high-precision neutrino facility, has released its first major scientific results, improving measurement precision by 1.5 to 1.8 times compared to previous experiments [1][3] - The primary scientific goal of the experiment is to determine the mass ordering of neutrinos, addressing a major issue in particle physics for the next decade [3] Group 2: Nuclear Power Development - The construction of China's first "Hualong One" nuclear power plant with cooling towers has officially begun, marking a significant milestone in the Shandong Zhaoyuan nuclear power base [5] - The Hualong One technology is China's self-developed third-generation nuclear power technology, with a total planned capacity of approximately 7.2 million kilowatts across six units, capable of meeting the annual electricity needs of 5 million people [5] Group 3: Energy Utilization Innovations - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project has commenced operations, enhancing the efficient use of pressure resources during gas transportation [5] - A green hydrogen coupling coal chemical project has entered market operation, demonstrating a successful model for the green transformation of the coal chemical industry [7] Group 4: Aquaculture Advancements - The "Zhanjiang Bay No. 1" floating dynamic positioning aquaculture platform has been delivered, featuring a capacity of 8,000 cubic meters for multi-species farming and an annual production capacity of 2,000 to 5,000 tons [7][9] - This platform represents a significant advancement in deep-sea aquaculture technology, supporting the modernization of marine ranching in China [9]

Group 1: High-Pressure Natural Gas Power Generation Project - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China, the Haimen Station natural gas pressure recovery power generation project, has officially commenced operations in Nantong, Jiangsu [1] - The project efficiently utilizes excess pressure resources during high-pressure natural gas transportation, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [1] - The project can generate approximately 3 million kilowatt-hours of electricity annually, equivalent to reducing carbon dioxide emissions by over 2,000 tons [1] Group 2: Technological Innovations and Equipment - The core equipment of the power generation project is independently designed and manufactured in China, featuring adjustable flow technology and 3D-printed impellers [1] - The new technology significantly reduces the energy consumption of the equipment while addressing multiple technical challenges such as high pressure and low flow [1] - The new equipment operates in parallel with the existing pressure regulation system, ensuring a reliable gas supply for residents and businesses even if the power generation equipment is offline [1] Group 3: Future Developments and Projects - The company plans to gradually promote megawatt-level domestically produced pressure recovery power generation equipment in typical distribution stations in the Yangtze River Delta region [2] - The total installed capacity of high-pressure natural gas long-distance pipeline pressure recovery power generation projects in China is estimated to reach 42,000 kilowatts [2] Group 4: "Shan Electric into Anhui" UHV Project - The Anhui section of the "Shan Electric into Anhui" ultra-high voltage direct current transmission project has been fully completed as of November 18 [2] - The project spans 323 kilometers in Anhui, with the entire "Shan Electric into Anhui" transmission line project over 80% complete [2] - The project is part of the national "14th Five-Year Plan" and is expected to be fully operational by the end of June 2026, with an annual electricity transmission capacity exceeding 36 billion kilowatt-hours, more than half of which will be renewable energy [2]

Core Viewpoint - The first high-pressure natural gas long-distance pipeline pressure recovery power generation project in China has officially commenced operations in Jiangsu Nantong, marking a breakthrough in the comprehensive utilization of energy in long-distance pipelines [1][3]. Group 1: Project Overview - The Hai Men Station natural gas pressure recovery power generation project efficiently utilizes excess pressure resources during high-pressure natural gas transportation, converting pressure potential into mechanical energy to generate clean electricity [1]. - The project is expected to generate approximately 3 million kilowatt-hours of electricity annually, equivalent to reducing carbon dioxide emissions by over 2000 tons [1]. Group 2: Technological Innovations - The core equipment for the power generation project has been independently developed and manufactured in China, featuring adjustable flow technology and 3D-printed impellers, which enhance the efficiency of low-temperature natural gas reheating while significantly reducing the equipment's own energy consumption [3]. - The new equipment operates in parallel with the existing pressure regulation system, ensuring a reliable gas supply for residents and businesses even if the power generation equipment is offline [3]. Group 3: Future Plans - The company plans to gradually promote megawatt-level domestically produced pressure recovery power generation equipment in typical distribution stations in the Yangtze River Delta region [5]. - It is estimated that the total installed capacity of high-pressure natural gas long-distance pipeline pressure recovery power generation projects in China will reach 42,000 kilowatts under the natural gas self-reheating scheme [5].

据测算，在采用天然气自复温的方案的条件下，我国高压天然气长输管道余压发电项目总装机容量达到4.2万千瓦。 央视网消息：记者11月19日从国家管网获悉，我国首个高压天然气长输管道余压发电项目——海门站天然气余压发电项目在江苏南通正式投入 运营。项目实现了在高压天然气输送过程中对余压资源的高效利用，标志着我国在长输管道能源综合利用领域取得突破。 海门站天然气余压发电项目是通过回收管道输送天然气到城市门站的余压，把这种压力势能转化成机械能，再带动膨胀发电机组转动，最终发 出清洁电力。 国家管网集团西气东输公司一级工程师李骁介绍，过去，这部分能量在调压过程中无法有效利用。如今，新工艺不仅保障了正常输气，每年还 可发电约300万千瓦时，相当于减排二氧化碳超2000吨。 我国自主研发设计并制造发电项目的核心设备，创新采用了可调节导流技术与3D打印叶轮，以自然通风方式对低温天然气进行高效复热，在 显著减少设备自身能耗的同时，成功解决了高压力、小流量等多项技术难题，实现了资源节约与环保效益的双重提升。新设备与站场原有调压 系统并联运行，若遇发电设备停机，原有系统可依托自动分输功能无间断接管供气任务，为居民及企业的安全稳定用气 ...

Core Viewpoint - Zhaoxin Co., Ltd. has signed a strategic cooperation framework agreement and an investment cooperation agreement with Zhejiang Yiyang Energy Technology Co., Ltd. to establish a joint venture for the Qianjiaying Coal Mine low-concentration gas utilization project and similar projects [2]. Group 1 - The joint venture will focus on the investment and development of low-concentration gas oxidation destruction and waste heat comprehensive utilization projects in coal mines [2].

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.19 yuan based on a 12x PE ratio for 2025 [6][11][18]. Core Insights - The company reported a total revenue of 18.422 billion yuan for H1 2025, a decrease of 7.56% year-on-year, while the net profit attributable to shareholders was 302 million yuan, an increase of 15.96% year-on-year [1]. - The coal trading business showed resilience with a sales volume increase of 3.19 million tons, a growth of 14.13% year-on-year, despite a revenue decline of 25.52% [3]. - The heat and power cogeneration segment achieved a revenue of 1.447 billion yuan, down 6.72% year-on-year, but the gross profit increased by 14.35%, indicating improved efficiency [2]. Summary by Sections Financial Performance - For H1 2025, the company experienced a revenue decline of 1.507 billion yuan, primarily due to a drop in coal prices, which reduced revenue by 4.036 billion yuan [1]. - The projected revenues for 2025-2027 are 43.622 billion yuan, 44.692 billion yuan, and 45.692 billion yuan, with corresponding net profits of 753 million yuan, 905 million yuan, and 944 million yuan [5][12]. Business Segments - The coal trading segment is expected to generate revenues of 40.242 billion yuan, 41.047 billion yuan, and 41.868 billion yuan from 2025 to 2027, maintaining a gross margin of 3% [13]. - The heat and power cogeneration segment is projected to achieve revenues of 3.291 billion yuan, 3.555 billion yuan, and 3.732 billion yuan, with a stable gross margin of 25% [14]. - The renewable energy segment is anticipated to generate consistent revenues of 54 million yuan across the forecast period, with a gross margin of 30% [14]. Strategic Developments - The company successfully advanced the acquisition of Nan Taihu Technology for 1.4573 billion yuan, which is expected to enhance operational efficiency and scale in the heat and power cogeneration sector [4]. - The company is actively expanding its market presence in key regions such as Xinjiang and Central China, leveraging its strong supply chain resilience [13].

Group 1: Ice Wheel Environment - The company aims to promote global sustainable development, focusing on artificial environment control technology and energy utilization technology [1] - In the first half of 2025, Ice Wheel Environment achieved revenue of 3.12 billion yuan, a year-on-year decrease of 7%, and a net profit of 266 million yuan, down 20% year-on-year [1] - The main products include compressors and heat exchangers, covering a temperature range of -271℃ to 200℃, with a full range of magnetic suspension compressor products [1] - The company provides cooling equipment for data centers and has developed technologies for nuclear power cooling and waste heat recovery, serving multiple nuclear power stations [1] - Ice Wheel has successfully developed a helium compressor for extreme low temperatures, applicable in magnetic confinement controlled nuclear fusion devices [1] - The industrial thermal management business has launched a comprehensive solution for efficient recovery and utilization of residual energy [1] Group 2: Zhongmin Resources - In the first half of 2025, Zhongmin Resources reported revenue of 326.67 million yuan, a year-on-year increase of 34.89%, but net profit fell by 81.16% to 8.91 million yuan [2] - The rare light metal segment (cesium and rubidium) performed well, with revenue of 708 million yuan, up 50.43%, and gross profit of 511 million yuan, an increase of 50.15% [2] - The lithium battery new energy segment sold 17,869 tons of lithium salt, a year-on-year increase of 6.37%, and sold 34,834 tons of self-produced lithium spodumene [2] - The company has initiated a technical transformation project for an annual production of 30,000 tons of high-purity lithium salt [2] - In the copper and germanium business, Zhongmin acquired a 65% stake in the Kitumba copper mine project in Zambia and a 98% stake in the Tsumeb project in Namibia, launching integrated and multi-metal recycling projects [2] - The company plans to deepen its resource and cost advantages in lithium battery new energy and build a multi-metal mineral resource pool to enhance global resource allocation capabilities [2]